"Cheap shares" are only cheap because investors are pricing in less growth compared to other countries with similar revenue. Common mistake new investors make i

"Cheap shares" are only cheap because investors are pricing in less growth compared to other countries with similar revenue. Common mistake new investors make is to invest only in companies with low P/E because they're "underpriced". But the pricing is the market saying they have little faith in their abilities to improve their business. The obvious explanation is that the market is getting better at assessing growth. Of course there are companies like Tesla, Nikola, Snowflake with insane valuations relative to their actual business (and two of them are solid companies with real products and growth). It might be possible that people are pricing in too much growth. But when yields outside of equities are so low you kind of have to chase growth, which incentivizes investors to pile onto growth opportunities.